Following an adverse Supreme Court ruling against Nestle, Switzerland revoked the Most Favoured Nation (MFN) status granted to India. This action will have adverse tax ramifications for Indian businesses doing business in the European country. Switzerland said in a statement that the MFN clause in the protocol to the agreement between the Swiss Confederation and...
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Switzerland Revokes India’s ‘Most Favoured Nation’ Status Over Nestle Verdict
New Delhi: Switzerland has taken a unilateral stand after the Supreme Court of India’s ruling in the Nestle case. It has revoked the ‘Most Favoured Nation’ or MFN status accorded to India under the Double Taxation Avoidance Agreement or DTAA treaty. Switzerland’s move marks a significant shift in bilateral treaty dynamics and will result in...